largefeature

Atco Structures and Logistics and a joint venture partner will continue to be responsible for the operations and maintenance of the Alaska Radar System, thanks to a new 10-year, US$340 million contract from the U.S. air force.

CALGARY — The Thai energy company that collapsed an oilsands joint venture with Norway’s Statoil ASA early this year is investing in a technology touted to produce bitumen without using water and with fewer greenhouse gas emissions. On Monday, privately owned N-Solv Corp. of Calgary announced that PTTEP Canada Ltd., a unit of state-owned Bangkok, Thailand-based PTTEP, would invest an undisclosed amount to support and gain access to data from its 500-barrel-per-day BEST (bitumen extraction solvent technology) pilot plant.

Harvest Operations Corp. has announced a 2014 capital budget of $620 million. The company owned by Korea National Oil Corp. since 2009 said it will spend $350 million on upstream oil and gas operations, $131 million to complete its BlackGold oilsands project and $139 million on its downstream refining and marketing business.

Stock in Penn West Petroleum Ltd. plunged as much as $2 per share or 17 per cent to $9.63 on Wednesday after it announced sweeping changes that will reduce short-term production levels. The stock closed at $9.74, off $1.89 or 16 per cent. It has traded between $8.82 and $13.57 in the past 52 weeks.

Sinopec Group is reportedly looking for joint venture partners to help develop western Canadian Montney and Duvernay assets it acquired in the $2.1-billion purchase of Daylight Energy of Calgary in 2011. “We are not only buyers, but also actively seek joint venture partners to optimize assets,” Feng Zhiqiang, chief executive and chairman of Calgary-based Sinopec Daylight Energy, told Reuters in an interview datelined Beijing.

Bellatrix Exploration Ltd. said Tuesday it will buy junior Angle Energy Inc. for $576 million, including debt, and enter into a $240-million joint venture with a South Korean partner. The Calgary intermediate also announced it had entered into a bought deal financing to sell stock worth $175 million to help pay for the two deals.

CALGARY — Negotiations with an international joint venture partner have progressed since August, Sunshine Oilsands Ltd. said Thursday — but not to the point where it can identify the partner or announce a binding agreement. In a news release, Sunshine said it has now signed a “non-legally binding transaction outline letter” with the same entity that signed a “framework agreement” in August to help develop its Muskwa and Godin oilsands leases.

CALGARY — The “international third party” that has signed a tentative $250-million joint venture deal with Sunshine Oilsands Ltd. could be China Oilfield Services Ltd., a financial analyst speculated on Monday. Over the weekend, Calgary-based Sunshine announced a “framework agreement” under which the unnamed party would inject up to $250 million and contribute a “thermal enhanced recovery technology” to an initial 5,000-barrel-per-day project on its adjacent Muskwa and Godin leases about 150 kilometres west of Fort McMurray.

CALGARY — Daunted by the state of energy equity markets, Sunshine Oilsands Ltd. has launched a strategic review of alternatives that could include asset sales and joint ventures and is targeted to raise $300 million. Despite being listed in stock markets in both Hong Kong and Toronto, and having several deep-pocketed Chinese investors, the company’s president and chief executive said issuing more shares is not in the cards.

Athabasca Oil Corp. has officially kicked off its much talked about attempt to find a joint venture partner for its extensive Alberta Duvernay resource play. “The Duvernay production potential is very good and full development will require significant capital investment,” said Sveinung Svarte, president and CEO. “A joint venture partner would allow Athabasca to accelerate the development and value realization from the Duvernay.”

CALGARY — A plant designed to convert sulphur from Alberta sour gas into a new fertilizer product for farmers is being proposed by two Calgary-based partners. Privately held Sulvaris Inc. announced Monday it has agreed with Keyera Corp., one of Alberta’s largest midstream service providers, to look into building the plant on the site of Keyera’s existing Strachan gas plant near Rocky Mountain House, 80 kilometres west of Red Deer.

CALGARY — Encana Corp. investors waiting for long-promised joint venture partnerships were left disappointed after the company posted third-quarter results Wednesday. On a conference call with analysts, president and chief executive Randy Eresman said the best he could do is promise announcements in the “near future,” adding that the company is splitting up some of its U.S. plays into smaller packages to suit suitors with thinner wallets.

It’s not the typical, headline-making Asian investment, in which billions of dollars are poured into Alberta energy deals. But McMillan lawyers say they want to reverse-engineer the entire process by which Canadian companies find Asian capital.

The federal government’s stamp of approval on Sinopec’s acquisition of ConocoPhillips’ Syncrude Canada stake opens the door for more Chinese investment in the oilpatch, industry and political observers said Friday.

Almost Done!

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Postmedia to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Postmedia to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.